{"id":91158,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/masdar-hidroelectrica-to-expand-partnership\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"masdar-hidroelectrica-to-expand-partnership","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/masdar-hidroelectrica-to-expand-partnership\/","title":{"rendered":"Masdar, Hidroelectrica to expand partnership"},"content":{"rendered":"

Masdar + Hidroelectrica to jointly invest EUR 1.5 bn in new renewables projects:<\/strong> State-backed renewables giant Masdar and Romanian state-owned utility company Hidroelectrica<\/a> agreed to form a joint venture to develop solar and energy storage projects, extending their partnership by three years, Hidroelectrica said in a {<\/a>statement<\/a>}<\/a>.<\/p>\n

In detail:<\/strong> The JV \u2014 set to be registered by the end of June \u2014 will see the two companies collaborating on the development of onshore and floating solar projects and battery energy storage systems in Romania for three years, with an investment of EUR 1.5 bn, Romanian Energy Minister Sebastian Burduja said<\/a>. The JV\u2019s pilot project will see Masdar develop floating solar plants on seven reservoirs in the middle and downstream sections of the Olt river in Romania, Hidroelectrica CEO Borb\u00e8ly K\u00e0roly is quoted as saying by Balkan Green Energy News<\/a>. <\/p>\n

Ownership of the JV will be split 50-50 between Masdar and Hidroelectrica<\/strong>,K\u00e0roly reportedly said.<\/p>\n

The partnership could venture beyond Romania:<\/strong> With the extension of the JV, the firms agreed to explore potential business in other renewable energy segments \u2014 including wind power \u2014 and implement them in other countries outside Romania, K\u00e0roly said. <\/p>\n

The firms might potentially extend the JV for another term<\/strong> if it proposes final investment decisions for a total of at least 2 GW in greenfield or brownfield projects, according to the news outlet. <\/p>\n

Background: <\/strong>Masdar signed a joint cooperation agreement in March last year<\/a> with Hidroelectrica to deploy offshore wind energy and floating solar energy projects totalling 2 GW in Romania. <\/p>\n

** TAP OR CLICK ON THE HEADLINE to read this section on the web<\/strong> with all background and external links.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firms will share equal ownership in the JV<\/p>\n","protected":false},"author":1,"featured_media":91159,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[7,1182,25,171,211,406],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-hidroelectrica","tag-investment-watch","tag-masdar","tag-renewables","tag-solar-energy","wpautop","entry"],"acf":{"mongo_id":"f37f054b-b717-4a25-9f54-12e8e704cbe9","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2203.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar, Hidroelectrica to expand partnership","related_issue":[91147],"teaser":"The firms will share equal ownership in the JV","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.e8e8bc5b-a48d-4962-bd57-c3c77a2af6fd.mp3"},"yoast_head":"\nMasdar, Hidroelectrica to expand partnership - 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